Wyoming has introduced its own US dollar-pegged stablecoin, allowing for real-world payments.
The Wyoming Stable Token Commission partnered with the blockchain platform Avalanche and payment solutions provider Rain to create the Frontier Stable Token (FRNT). This launch follows the anticipated signing of the Genius Act and represents the first instance of a government-issued digital asset on a public blockchain, according to the commission.
FRNT is a fully-collateralized digital token, supported by short-duration US Treasury bills and US dollars, with a mandated reserve requirement of 102%. Built on the Avalanche platform, it can be used wherever Visa is accepted, including through Apple Pay, Google Pay, and physical cards.
Anthony Apollo, executive director of the Wyoming Stable Token Commission, stated, “Wyoming has been at the forefront of cryptocurrency and blockchain legislation for nearly a decade, and the issuance of FRNT signifies a paradigm shift. Beyond regulation, this provides a model for innovation that can greatly enhance government processes, from swift vendor payments to on-chain tax refunds and social benefits, bringing state action into the programmable era.”